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Articles by Nelson Phan
All I want for Christmas are my franking credits
On 16 November 2023, the Federal Government passed legislation which denies the benefit of franking credits on certain distributions funded by (equity) capital raisings. The legislation has been passed following a public consultation process. The drafting of the Bill as originally introduced into Parliament raised concerns about the potential for unintended and significant consequences of the proposed legislation.
Federal Government takes the next step in taxing unrealised gains in superannuation for high net worth individuals
The Federal Government has released exposure draft legislation for consultation, seeking to implement certain superannuation-related measures announced in the 2023-24 Federal Budget. Issues raised at the time the measures were initially introduced, including that the measures impose tax on unrealised gains in superannuation funds, continue to raise significant concern.
Senate Economics Committee recommends passage of thin capitalisation reforms subject to amendments by Treasury
The Senate Economics Committee (Committee) has released its report (Report) outlining its recommendations in relation to the proposed reforms to the thin capitalisation regime, the new debt deduction creation rules and new tax transparency rules contained in the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – Integrity and Transparency) Bill 2023 (Bill). KWM made a number of submissions in respect of the Bill and appeared in front of the Committee to give evidence.
NALI or NALE? Treasury Releases Exposure Draft Legislation
Following the 2023-24 Federal Budget, the Federal Government has released exposure draft legislation Treasury Laws Amendment (Measures for Consultation) Bill 2023: Non-arm’s length expense rules for superannuation funds (Exposure Draft) for consultation. If enacted, the Exposure Draft will give effect to proposed amendments to the non-arm’s length income (NALI) and non-arm’s length expense (NALE) rules for superannuation funds.
Where are my franking credits? Senate economics committee publishes findings on proposed franking measures
The Senate Economics Legislation Committee (Committee) has published a report (Report) setting out its findings on its inquiry into the Treasury Laws Amendment (2023 Measures No. 1) Bill 2023 (Cth) (Bill). In particular, the Report contains recommendations in respect of the measures regarding off-market share buy-backs and franked distributions funded by capital raisings.
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